Q: I am concerned about how to teach my teenager to handle money responsibly. Money is extremely tight on the farm, yet he keeps telling us of things that he wants. He has a 4-H calf that will be sold in spring, but does not have any clear plans for what to do with the money. I am afraid he will not spend it wisely. How can I give him direction? He also maintains he is entitled to the child tax credit that we receive.
A: Your son is exposed to more temptations to spend than you likely were as a teenager. Television, most radio and most magazines are aimed at youth. Few media ads promote saving or planned money investment. New technologies, cell phones capable of e-mail, bigger and more expensive computer games or game cubes, and clothing ads are all geared to get youth to buy.
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Impulse buying is difficult to control. For this reason, I don’t suggest giving teenagers credit cards. I encourage teens to go window shopping first, without money in their pockets, to checkfor the best values.
Teens can get good clothing bargains at second-hand stores such as Value Village. They often find brand names they could not otherwise afford to buy.
Teens respect money when they earn it. Raising a calf or chickens or babysitting are traditional ways teens can raise money. Babysitters in rural areas are often scarce and are valued people. Other ways to raise money include physical chores on the farm or for a neighbour such as roguing seed crops, or roto-tilling the shelterbelt. They could also hold a garage sale on a co-operative basis with other teens.
Salaried part-time jobs are hard to find in rural areas, but many town or city employers prefer youth from farm backgrounds who have regularly taken on chores at home.
The child tax credit is paid to parents to assist them with the expenses of raising the children and families. Some families may choose to give it to the youth to spend on his own, but they are not legally obliged to. Some parents, however, allocate this towards their youth’s clothing needs, and may keep certain controls over how it is spent.
Parents need to give their children experience and guidance in handling money, since the time will come when that youth, as a young adult, has to make financial decisions himself.
Peter Griffiths is a mental health counsellor based in Prince Albert, Sask. His columns are intended as general advice only. His website is www3.sk.sympatico.ca/petecope.
